Yousif Capital Management LLC Decreases Stock Holdings in Allete, Inc. $ALE

Yousif Capital Management LLC lowered its stake in shares of Allete, Inc. (NYSE:ALE) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,809 shares of the utilities provider’s stock after selling 376 shares during the period. Yousif Capital Management LLC’s holdings in Allete were worth $1,205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ALE. Nuveen LLC purchased a new stake in Allete during the first quarter worth about $29,913,000. AQR Arbitrage LLC raised its position in Allete by 39.7% during the first quarter. AQR Arbitrage LLC now owns 1,183,682 shares of the utilities provider’s stock worth $77,768,000 after acquiring an additional 336,210 shares during the last quarter. Alberta Investment Management Corp raised its position in Allete by 784.6% during the first quarter. Alberta Investment Management Corp now owns 282,202 shares of the utilities provider’s stock worth $18,541,000 after acquiring an additional 250,302 shares during the last quarter. Absolute Gestao de Investimentos Ltda. raised its position in Allete by 52.9% during the first quarter. Absolute Gestao de Investimentos Ltda. now owns 388,753 shares of the utilities provider’s stock worth $25,541,000 after acquiring an additional 134,578 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Allete by 28.8% during the first quarter. AQR Capital Management LLC now owns 524,047 shares of the utilities provider’s stock worth $34,430,000 after acquiring an additional 117,133 shares during the last quarter. Hedge funds and other institutional investors own 76.55% of the company’s stock.

Allete Stock Performance

Shares of ALE opened at $67.38 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.57. The stock has a market cap of $3.91 billion, a P/E ratio of 21.26 and a beta of 0.83. The company has a 50-day moving average of $65.20 and a two-hundred day moving average of $65.17. Allete, Inc. has a 12-month low of $62.38 and a 12-month high of $67.49.

Allete (NYSE:ALE) last posted its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.24). The firm had revenue of $360.30 million during the quarter, compared to analyst estimates of $425.30 million. Allete had a net margin of 11.98% and a return on equity of 5.71%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS.

Allete Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, August 15th. Allete’s payout ratio is currently 92.11%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Allete in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

Allete Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.